CHICO, Calif., March 18, 2019 (GLOBE NEWSWIRE) -- AmeraMex International, Inc. AMMX, a provider of heavy equipment for logistics companies, infrastructure construction, forestry conservation and tactical military vehicles, reports results for its financial year ended December 31, 2018.
Highlights for the Year Ended December 31, 2018:
Revenue
The Company reported revenue of approximately $10.1 million compared to revenue of approximately $8.7 million for the year ended December 31, 2017. This is a 16 percent increase
Gross Profit
The Company reported gross profit of $5.1 million compared to gross profit of $4.1 million for the year ended December 31, 2017. This is a 24 percent increase. Gross profit as a percentage of sales rose to 50 percent.
Net Income
The Company reported net income for the year of approximately $1.4 million compared to net loss of $.843 million for the year ended December 31, 2017. This is a 67 percent increase.
Balance Sheet
Total assets were reduced by approximately $.806 million due in part to decreased cash and cash equivalents, inventory and accounts receivable. Total liabilities for the year decreased $2 million due in part to a reduction in deferred revenue and accounts payable.
Shareholder Conference Call
AmeraMex International is hosting a shareholder conference call March 18 at 8:00 a.m. Pacific Time. The conference call dial-in number for both U.S. and international callers is 1.201.689.8560. Please dial in to the conference center five minutes before the call begins and ask the operator for the AmeraMex conference call.
Financials follow
About AmeraMex International
AmeraMex International sells, leases and rents heavy equipment to companies within multiple industries including construction, logistics, mining, and lumber. The company also represents an inclusive product line of advanced performance tactical military vehicles from Oshkosh Defense, LLC. AmeraMex, with a US and international customer base, has over 30 years of experience in heavy equipment sales and service. Follow AmeraMex on Twitter @ammx_intl and visit the AmeraMex website, www.AMMX.net or www.hamreequipment.com for additional information and equipment videos.
Except for the historical information contained herein, statements discussing sales or revenue projections are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements involve risks and uncertainties that could cause actual results to differ materially from any forward-looking statements made herein
| AMERAMEX INTERNATIONAL, INC. | ||||||||
| UNAUDITED CONDENSED STATEMENT OF OPERATIONS | ||||||||
| For the 12 months ended December 31, 2018 & 2017 | ||||||||
| twelve month | twelve month | |||||||
| period ending | period ending | |||||||
| December 31, 2018 | December 31, 2017 | |||||||
| Sales | $ | 10,062,500 | $ | 8,709,534 | ||||
| Cost of Goods Sold | (4,931,036 | ) | (4,562,414 | ) | ||||
| Gross Profit | 5,131,464 | 4,147,120 | ||||||
| Operating Expenses: | ||||||||
| Selling Expenses | 80,877 | 66,347 | ||||||
| General & Administrative | 2,902,696 | 2,694,846 | ||||||
| Total Operating Expenses | 2,983,573 | 2,761,193 | ||||||
| Income from Operations | 2,147,891 | 1,385,927 | ||||||
| Other Income (Expenses) | ||||||||
| Interest Expense | (737,499 | ) | (542,638 | ) | ||||
| Other Expense | - | - | ||||||
| Total Other Income (Expense) | (737,499 | ) | (542,638 | ) | ||||
| Income Before Provision for Income Taxes | 1,410,392 | 843,289 | ||||||
| Provision for Income Taxes | (1,100 | ) | (1,100 | ) | ||||
| Net Income | $ | 1,409,292.00 | $ | 842,189.00 | ||||
| Weighted Average Shares Outstanding: | ||||||||
| Basic | 754,015,879 | 689,028,242 | ||||||
| Diluted | 754,015,879 | 689,028,242 | ||||||
| Earnings (loss) per Share | ||||||||
| Basic | $ | 0.00 | $ | 0.00 | ||||
| Diluted | $ | 0.00 | $ | 0.00 | ||||
| AMERAMEX INTERNATIONAL, INC. | ||||||||||||
| UNAUDITED CONDENSED BALANCE SHEET | ||||||||||||
| Forth Quarter 2018 & 2017 | ||||||||||||
| December 31, 2018 | December 31, 2017 | |||||||||||
| ASSETS | ||||||||||||
| Current Assets: | ||||||||||||
| Cash | $ | 197,752 | $ | 553,625 | ||||||||
| Accounts Receivable | 734,020 | 449,165 | ||||||||||
| Inventory | 2,593,433 | 3,336,203 | ||||||||||
| Other Current Assets | 25,909 | 17,799 | ||||||||||
| Total Current Assets | 3,551,114 | 4,356,792 | ||||||||||
| Furniture & Equipment, net | 5,529,918 | 5,100,496 | ||||||||||
| Other Assets | 467,543 | 439,848 | ||||||||||
| TOTAL ASSETS | $ | 9,548,575 | $ | 9,897,136 | ||||||||
| LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||||||
| Current Liabilities: | ||||||||||||
| Accounts Payable | $ | 1,099,175 | $ | 2,314,237 | ||||||||
| Accrued Expenses | 48,380 | 71,890 | ||||||||||
| Deferred Revenue | 2,218,266 | 3,149,212 | ||||||||||
| Income Taxes Payable | 92,546 | 92,546 | ||||||||||
| Line of Credit | 457,951 | 488,000 | ||||||||||
| Notes Payable, Current Portion | 903,886 | 826,823 | ||||||||||
| Notes Payable, Related Party | 353,643 | 378,806 | ||||||||||
| Total Current Liabilities | 5,173,847 | 7,321,514 | ||||||||||
| Notes Payable, net of Current Portion | 1,797,525 | 1,632,746 | ||||||||||
| TOTAL LIABILITIES | 6,971,372 | 8,954,260 | ||||||||||
| STOCKHOLDERS' EQUITY (DEFICIT): | ||||||||||||
| Common Stock, $0.0001 par value, 100,000,000 shares authorized, | ||||||||||||
| 754,016,879 & 664,890,879 shares issued and outstanding | 754,017 | 754,017 | ||||||||||
| Additional Paid-In Capital | 20,785,924 | 20,785,924 | ||||||||||
| Treasury Stock | (5,438 | ) | (5,438 | ) | ||||||||
| Accumulated Deficit | (18,957,300 | ) | (20,591,627 | ) | ||||||||
| Total Stockholders' Equity (Deficit) | 2,577,203 | 942,876 | ||||||||||
| TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) | $ | 9,548,575 | $ | 9,897,136 | ||||||||
| AMERAMEX INTERNATIONAL, INC. | |||||||||
| UNAUDITED STATEMENT OF CASH FLOW | |||||||||
| For the Twelve months ended December 31, 2018 | |||||||||
| OPERATING ACTIVITIES: | |||||||||
| December 31, 2018 | |||||||||
| Net Income | 1,409,293 | ||||||||
| Adjustments to reconcile net income to | |||||||||
| net cash provided by operating activities: | |||||||||
| Depreciation | 744,451 | ||||||||
| Stock-based Compensation | |||||||||
| Loss on Settlement of Debt for Common Stock | |||||||||
| Change in current assets and liabilities: | |||||||||
| Accounts Receivable | (284,855 | ) | |||||||
| Inventory | 730,331 | ||||||||
| Other Assets | (953,966 | ) | |||||||
| Accounts Payable & Accrued Expenses | (1,210,342 | ) | |||||||
| Income Tax Payable | (38,478 | ) | |||||||
| Net Cash Provided by Operating Activities | 396,434 | ||||||||
| INVESTING ACTIVITIES: | |||||||||
| Payment for Furniture & Equipment | (1,173,873 | ) | |||||||
| Net Cash used in Investing Activities | (1,173,873 | ) | |||||||
| FINANCING ACTIVITIES: | |||||||||
| Repayment of Note Payable | 500,967 | ||||||||
| Proceeds from Note Payable - Related Party | (49,007 | ) | |||||||
| Net Proceeds (borrowing) under line of credit | (30,049 | ) | |||||||
| Purchase of Treasury Stock | - | ||||||||
| Net Cash used in Financing Activities | 421,911 | ||||||||
| NET DECREASE IN CASH | (355,528 | ) | |||||||
| CASH, BEGINNING BALANCE | 553,267 | ||||||||
| CASH, ENDING BALANCE | 197,739 | ||||||||
| CASH PAID FOR: | |||||||||
| Interest | 737,499 | ||||||||
| Income Taxes | - | ||||||||
| SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: | |||||||||
| Common stock issued for the settlement | |||||||||
| of accounts payable | - | ||||||||
| Common stock issued for the settlement | |||||||||
| of notes payable - related party | |||||||||
Investor and Media Relations
McCloud Communications, LLC
Marty Tullio, Managing Member
Office: 949.632.1900
Marty@McCloudCommunications.com
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